Polygon 101 Guide: How To Save ETH Gas Fees in DeFi!!
👨🏫What Is Polygon?👨🏫
Polygon was founded in 2017 by a team of talented Ethereum developers who were instrumental in developing some of Ethereum’s scaling technologies. The way Polygon achieves this is by creating a copy of the Ethereum blockchain called a child chain which is more than 500 times faster than Ethereum.
👨💻How To Create Polygon Metamask Wallet👨💻
Open up your Metamask wallet, click the three dots on the right side of your wallet address, and click expand view. Click on the top right of the webpage where it says Ethereum Mainnet. This should open a set of network options, and at the bottom you’ll see an option called Custom RPC. Click on that. This will take you to a page where you can enter all the blockchain details for Polygon.
🏦How To Deposit Cryptocurrency To Polygon Metamask Wallet🏦
You cannot send any Ethereum tokens directly to the Matic wallet address you just created on Metamask You need to send these to your Ethereum wallet address on Metamask first so that they can be converted using the Matic bridge This conversion process is going to require some ETH and MATIC. What this means is that you need to have ETH and MATIC in addition to the other tokens you want to use on Polygon
🛠How To Fix Missing Cryptocurrency On Polygon Metamask Wallet🛠
If the Polygon bridge page doesn’t load, it’s because there seems to be a conflict between the Metamask wallet and Coinbase wallet browser extensions. You will have to uninstall the Coinbase wallet browser extension, but make sure you’ve saved your seed phrase before you do!
💰How To Use Aave On Polygon💰
Aave is a decentralized lending and borrowing protocol that lets you lend and borrow cryptocurrency without a bank or credit score. I happen to be pretty bullish on the Matic token, so I’m going to deposit some of my MATIC tokens as collateral to get USDC and buy even more Matic tokens In this case I’m going to deposit all but two of the MATIC tokens I have to make sure I have enough for gas fees. Now I have more USDC than I initially had that I can use to buy more MATIC tokens with!
💱How To Use Quickswap On Polygon💱
Polygon has it’s own version of Uniswap called Quickswap. Quickswap is basically a carbon copy of Uniswap with a few minor details that I won’t get into here Using Quickswap is super straight forward. Just click connect wallet on the top righthand corner, select Metamask, confirm in your wallet that you want to connect to Quickswap, and you’re all set To swap a cryptocurrency, just select the one you want to swap from and the one you want to swap to, select the amount, click approve, and then pay the miniscule gas fee in Matic tokens. Cha ching!
💸How To Withdraw Cryptocurrency From Polygon Metamask Wallet💸
Moving your crypto off Polygon is just the reverse of the process you used to get your crypto onto Polygon. The difference is that it takes much longer and can be much more expensive, so watch out for those gas fees and transfer times in the pop up windows you get!
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
